Jupiter (JUP) Exchange

About Jupiter

JUP is the governance token of Jupiter, a decentralised exchange aggregator on Solana. Traders and protocols use Jupiter's routing engine to execute on-chain swaps at optimal prices by splitting orders across multiple liquidity pools automatically — JUP holders govern the platform's direction, vote on integrations and fee structures, and earn Active Staking Rewards for governance participation. Jupiter handled approximately 95% of Solana's DEX aggregator volume and around 80% of on-chain perpetuals trading as of April 2025, according to Blockworks.

JUP tokenomics

Jupiter launched with a maximum supply of 10 billion JUP. In January 2025, the community governance vote “Catstanbul” approved a 3 billion JUP burn — reducing the hard cap to 7 billion tokens and cutting the original maximum supply by 30%. In February 2026 a further DAO vote passed with 75% approval to reduce the net release of future tokens to zero. Total supply stood at approximately 6.86 billion JUP as of October 2026 after burns, of which approximately 3.32 billion were in circulation, according to CoinGecko.
Hard cap post-burn — 7,000,000,000 JUP; 3 billion tokens permanently destroyed in January 2025 via the Catstanbul governance decision
Total supply — approximately 6.86 billion JUP as of October 2026 after burns, below the 7 billion post-burn ceiling
Circulating supply — approximately 3.32 billion JUP as of October 2026, according to CoinGecko
Community allocation — 40% of the original supply was airdropped to active users at launch, establishing distributed ownership from day one
Jupuary airdrop — the final Jupuary distribution had its snapshot on January 30, 2026 and totalled 400 million JUP (200 million to active users and 200 million to stakers), down from 700 million in the prior cycle
Net-zero emissions vote — passed on February 22, 2026 with 75% approval; about 700 million JUP that had been set aside for Jupuary moved to a community cold multisig wallet that cannot be used without a new DAO vote
Buyback program — Jupiter has executed approximately $70 million in open-market JUP buybacks to offset unlock-related sell pressure, according to BlockchainReporter
Team vesting — co-founder “Meow” personal token allocation is locked until 2030; 253.47 million JUP unlocked February 28, 2026 per the published vesting schedule
Governance rewards — JUP stakers who participate in Active Staking Rewards (ASR) earn additional JUP for consistent governance engagement

What determines JUP's value

JUP's primary demand driver is Solana DEX volume: Jupiter earns swap fees on every trade routed through its aggregator, and a portion of that fee revenue funds governance rewards and buybacks. With over $3 billion in TVL as of October 2025 and a top-3 position in Solana DeFi revenue, according to CoinGecko, Jupiter's cash flow from fees scales directly with on-chain activity on Solana. Every uptick in Solana trading volume increases Jupiter's routing fee income — the mechanism that funds both ASR payouts to JUP stakers and the ongoing buyback programme.

The secondary factor is supply management: the January 2025 burn removed 3 billion tokens permanently, and the February 2026 net-zero emissions vote, together with the smaller final Jupuary distribution of 400 million JUP (versus 700 million in 2025), signals active community preference for limiting dilution. Jupiter has also expanded beyond swap aggregation — JupSOL is its liquid staking token for SOL, while perpetuals trading and the LFG Launchpad extend fee-generating surfaces beyond spot swaps alone.